Three days after the European Parliament (see EUROPE 11880), national experts at the Council began working on Friday 13 October on the draft legislation to strengthen supervision of centralised counterparties (clearing houses) (CCPs) located outside the EU. The financial services working group’s programme includes issues relating to recognition of CCPs.
Unveiled in June (see EUROPE 11807), the European Commission’s proposal foresees the creation of a classification system for CCPs: -...